Even in a victory for ETF applicants, plenty of questions remain as to when the first product would go online, and whose it would be. The approvals required from the SEC are wide-ranging and involve multiple divisions at the agency, and it’s unclear whether the agency would approve several applicants at once or proceed on a timeline based on when applications came in. As for the markets, experts are guessing that the SEC’s eventual approval of the ETFs is at least partially priced in.